Research on the Impact of ESG Performance on Enterprise Value from the Perspective of Firm Heterogeneity

The data of 209 listed companies in CSI 300 Index from 2018 to 2020 were selected, and the two-way fixed effect model was used to investigate the impact of ESG performance on enterprise value, and further explore the differential impact of ESG performance on enterprise value of heterogeneous enterprises. Study found that ESG performance significantly positive influence on enterprise value, but due to the management goal, social expectations, and input costs, makes the promoting effect of ESG performance exists heterogeneity and non-state-owned enterprises and non pollution of ESG performance significantly positive influence on corporate value, the state-owned enterprises and pollution of ESG performance does not significantly affect the enterprise value. Based on this, it is proposed that enterprises should integrate ESG concept into operation and management and enhance enterprise value by improving the level of ESG governance. For regulatory authorities, ESG information disclosure should be standardized, ESG supervision should be strengthened and positive policy guidance should be provided. For investors, ESG investment decisions should be adopted and ESG responsible investment should be emphasized.